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Sunset Ridge Apartment Complex Sells for Nearly $22M

COLORADO SPRINGS-Sunset Ridge Associates LLC, which is comprised of investors from New York and California, pays $21.6 million for the 240-unit Sunset Ridge apartment complex. The purchase equates to $90,000 per unit.

By John Rebchook | Updated on January 13, 2006

(To read more on the multifamily market, click here.)

COLORADO SPRINGS-Sunset Ridge Associates LLC, which is comprised of investors from New York and California, recently paid $21.6 million for the 240-unit Sunset Ridge apartments in the northeast quadrant of the city. The sale of the community at Vickers and Rangeview equates to $90,000 per unit. Sunset Ridge was completed in 1996.

The complex is comprised of 52 one-bedroom units measuring 808 sf; 174 two-bedroom, two-bath units that are each 1,100 sf; and 12 three-bedroom, two-bath units, that are each 1,317 sf. All units have fireplaces and full-sized washers and dryers. The community also has 160 garages with automatic door openers and a “resort” center that includes a clubhouse, fitness center, hot tub, sauna and heated outdoor pool.

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